How does a trade war hurt American and Chinese consumers?

Podcasts

A shopper eyes display of seafood including oysters from the U.S. at a supermarket in Beijing on Tuesday, May 14, 2019. China announced higher tariffs Monday on $60 billion worth of American goods in retaliation for President Donald Trump’s latest penalties on Chinese products. (AP Photo/Ng Han Guan)

The U.S. and China resume trade talks this week to mitigate a bitter trade war between both countries. Treasury Secretary Steven Mnuchin is in talks with Chinese Vice Premier Liu He and additional trade representatives. But hope for a resolution is fading as reports emerge that negotiations, so far, have done little to resolve previous breakdowns between the two countries earlier this year.

Meanwhile, it’s American and Chinese consumers and agricultural industries that are already feeling the effects. While the cost of beef in China has reached its highest level in more than a decade, dairy farmers in places like Wisconsin are shutting down. Nearly 1,200 of the state’s dairy farms have shuttered in just two years.

With the Trump administration threatening additional tariffs, Americans could see a spike in retail prices soon.

On today’s episode of The Heat Podcast, host Anand Naidoo talks with CGTN’s senior international affairs correspondent Nathan King about what a trade war means in dollars and cents for American and Chinese consumers.